Taxpayers, especially businesses, are always encouraged to save copies of all their tax returns for at least three years. There might be instances in the future where the need to provide information from these returns will arise, such as applying for a working capital loan,
The EIN and its purpose First off, what is an EIN, anyway? An EIN is a number used by the federal government in the United States of America. EIN is an acronym for ‘Employer Identification Number.’ Different agencies within the federal government use it to keep
Mortgage companies want to prevent fraudulent loan applications from being accepted. One way they do this is by verifying an applicant’s tax return. Lenders can go right to the IRS and request transcripts. This means there will not be any opportunity for the transcripts to
Mortgage lenders are important because they make it possible for Americans to have homes. However, every time they offer a home loan, these lenders take a risk that the borrower may not be able to repay the money. Therefore, they need to look at as
Applying for a mortgage is a large step towards borrowing money for a new purchase. You should, however, be aware of the paperwork required to receive a mortgage. Today, we will go over a few statements that you’ll need. Let’s get right in! Credit Score One of
A form that many people first meet when they’re applying for a loan is a 4506-T. Although this form may seem daunting at first, it’s a relatively simple form that most people can complete quickly. Today, we’re going to look at a few questions surrounding
When you are applying for a mortgage, your potential lender wants to make sure you are telling the whole truth about your income and assets before approving your loan. To make sure there is no fraudulent activity, your lender will usually look to verify the
The Types of Business Taxes When running a business, it’s best to keep up with your taxes to avoid penalties. Throughout the year, a business can pay the taxes that they owe from their annual income quarterly or yearly. In many cases, a business chooses to
A 4506-T is an IRS form also known as a “Request for Transcript of Tax Return.” This form requests that the IRS send you a copy of the tax return information they have on record, up to ten years prior. You can specify a third
There is a five-letter word most of us fear: audit. Movies and television shows have portrayed being audited as a scary experience with men in suits coming to your home and grilling you like a common criminal. The good news is that audits are not